Whether you are a startup or an existing business, this question will always arise that whether you should buy your own office or rent a place? There are pros and cons to both choices. In picking one, you need to take into account both the short term andthe long term benefits and what those benefits mean for your business. You can buy your own if you have the money or look into the many office rentals in Toronto. If you are looking for an office in King West area, Orange Offices might interest you. They have affordable furnished spaces in a variety of sizes.
Office can make a great difference to how your people work, how things run and ultimately how much your business prospers. We will lay out some pros and cons of buying or renting an office that you need to consider before making this vital decision.
Buying an Office
- When buying office, you can fix the amount you will be paying.
- If you buy your office in an area where real estate prices are booming, your office value will likely appreciate over time. And should you need to move, you can sell it for a profit.
- You can rent your office if you relocate or cease your business.
- Buying a property requires deposits and even for a small office, the number can be quite large.
- You will also need insurance and inspections, which will cost you additional money.
- If your business grows over time, you might need to relocate. Although you can sell or rent the space, but still it will be an additional hassle.
- You are responsible for the maintenance as it is your property.
Renting an Office
- You do not have to pay hefty deposits and if you are a small start up with limited resources, this could be a huge burden off your back.
- You are not responsible for maintenance. For instance, should the air conditioning stop working, you do not have to worry about that.
- It will be easy to relocate if your business grows or you decide to move to a different location for any other reason.
- There are many choices of private offices in Toronto, but rent can increase any time. Unlike buying your office, you are not bound to pay a fixed price. If the property rates hike, you are likely to see a raise in your rent.
- You can be evicted any time. And it can be quite costly to move an office from one place to another.
- You cannot make adjustments and alteration according to your needs. You are using someone else’s property and thus do not get the freedom to improvise.
Apparently, both options have equal numbers of advantages and disadvantages. At the end of the day, it depends on your needs and your pocket. Yes, money is a big influence and not just the money that you have but the money you will make using this office. Make sure to check out the office and compare both scenarios as it is important to compare property options before signing the papers.